Ecotricity has been described as “highly opportunistic” by Good Energy in a further response to its recent bid to take over the company.
Earlier this week it emerged that Ecotricity, which already owns 25 per cent of Good Energy, had placed three non-binding offers to take over its competitor in the past month.
Ecotricity’s latest bid of 340p per share, valuing the company at £56.6 million, was placed on 2 July and subsequently rejected by Good Energy’s board.
Good Energy has today (14 July) released a further statement as part of its “unequivocal rejection” of Ecotricity’s approaches.
Will Whitehorn, chair of Good Energy, said: “This is a highly opportunistic approach by a direct competitor to the company which the board believes is not in the best interests of our shareholders, employees or customers.
“We have a clear strategy, a strong leadership team and a proven track record in delivering on our objectives.”
Outlining its rationale for rejecting the bid Good Energy reiterated its concerns that the offer is “inadequate and fundamentally undervalues the group”.
It further highlighted how it had recently set out a clear direction for the business and is “successfully delivering against this strategy”.
It added: “There is an ongoing focus on delivering profitable returns alongside continued investment in people, processes and technology to enable customers to take control of their energy usage in the future.
“The board believes that the group is executing against a clear strategic plan to deliver long term value for shareholders.”
Issuing a statement earlier this week, Ecotricity said it was aware of the board’s view and was now interested in the thoughts of its fellow shareholders.
Ecotricity now has until 9 August to make a firm offer to Good Energy or walk away.